Enerplus Co. (NYSE:ERF) Expected to Earn Q1 2024 Earnings of $0.35 Per Share

Enerplus Co. (NYSE:ERF) (TSE:ERF) – Investment analysts at Capital One Financial reduced their Q1 2024 earnings estimates for shares of Enerplus in a research report issued to clients and investors on Friday, April 19th. Capital One Financial analyst B. Velie now forecasts that the oil and natural gas company will post earnings of $0.35 per share for the quarter, down from their previous forecast of $0.37. The consensus estimate for Enerplus’ current full-year earnings is $2.06 per share.

Enerplus (NYSE:ERF) (TSE:ERF) last announced its quarterly earnings results on Wednesday, February 21st. The oil and natural gas company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.01. The firm had revenue of $437.10 million for the quarter. Enerplus had a net margin of 27.67% and a return on equity of 40.36%.

ERF has been the topic of several other research reports. National Bankshares lowered their target price on shares of Enerplus from $25.00 to $21.00 and set an “outperform” rating on the stock in a report on Wednesday, January 10th. StockNews.com assumed coverage on shares of Enerplus in a research report on Sunday, April 14th. They set a “hold” rating on the stock. TD Securities reiterated a “tender” rating and set a $18.85 price target (down previously from $21.00) on shares of Enerplus in a research report on Thursday, February 22nd. Finally, CIBC reduced their price target on shares of Enerplus from $23.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.69.

Enerplus Stock Up 0.5 %

ERF opened at $19.93 on Monday. The firm’s 50-day simple moving average is $18.53 and its 200-day simple moving average is $16.66. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.80 and a current ratio of 0.80. Enerplus has a twelve month low of $13.46 and a twelve month high of $20.97. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 9.49 and a beta of 1.99.

Institutional Investors Weigh In On Enerplus

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ninepoint Partners LP acquired a new position in shares of Enerplus during the 3rd quarter worth about $88,150,000. Palo Duro Investment Partners LP acquired a new position in shares of Enerplus during the 1st quarter worth about $48,125,000. Point72 Asset Management L.P. increased its stake in shares of Enerplus by 1,039.9% during the 4th quarter. Point72 Asset Management L.P. now owns 2,124,770 shares of the oil and natural gas company’s stock worth $32,602,000 after purchasing an additional 1,938,370 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Enerplus during the 1st quarter worth about $20,622,000. Finally, Wellington Management Group LLP boosted its holdings in shares of Enerplus by 74.2% during the 1st quarter. Wellington Management Group LLP now owns 2,986,433 shares of the oil and natural gas company’s stock worth $37,906,000 after buying an additional 1,271,801 shares during the period. 58.42% of the stock is currently owned by institutional investors and hedge funds.

Enerplus Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Monday, March 4th were paid a $0.13 dividend. This is a positive change from Enerplus’s previous quarterly dividend of $0.06. This represents a $0.52 annualized dividend and a yield of 2.61%. The ex-dividend date was Friday, March 1st. Enerplus’s payout ratio is presently 12.38%.

About Enerplus

Enerplus Corporation, together with its subsidiaries, explores and develops crude oil and natural gas in the United States. Its oil and natural gas properties are located primarily in North Dakota, Colorado, and Pennsylvania. The company was founded in 1986 and is headquartered in Calgary, Canada.